Mr Guy LeClezio
Non-Executive Chairman
Mr Peter Thompson
Managing Director
Mr Peter Langworthy
Technical Director
Mr Heath Hellewell
Non-Executive Director
Mr Jonathan Shellabear
Non-Executive Director
Issued Capital:Shares 486.9M Options 17.8M Share Price A$0.105
Market Cap. A$51.1m
EXPLORATION OFFICE:1 Coventry Parade
North Fremantle, WA 6159
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Mount Claremont, WA 6010
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KARLAWINDA: HIGH GRADE COMPONENT OF MAIN HANGING WALL LODE CONFIRMED Latest in-fill drilling confirms presence of significant higher grade zones in southern area of the Bibra Deposit HIGHLIGHTSLatest results from ongoing in-fill resource drilling continue to confirm the quality of the Bibra Deposit as a highly-continuous, large-scale open pit mining opportunity.
Results are now being received from the drilling completed in the southern end of the Bibra Deposit that have tested one of the high-grade domains within the Main Hanging Wall Lode. Recent results from this area include:
KBRC720 6m @ 3.3g/t Au from 134m
10m @ 1.1g/t Au from 156m
KBRC719 6m @ 5.4g/t Au from 126m
9m @ 1.5g/t Au from 148m
KBRC718 6m @ 2.4g/t Au from 118m
14m @ 1.3g/t Au from 135m
KBRC174* 6m @ 5.0g/t Au from 107m
KBRC016* 6m @ 3.8g/t Au from 134m
16m @ 1.2g/t Au from 171m
KBRC710 17m @ 1.6g/t Au from 48m
KBDM028 12m @ 2.4g/t Au from 50m
KBRC711 12m @ 1.2g/t Au from 60m
KBRC712 14m @ 1.5g/t Au from 66m
KBRC714 9m @ 1.8g/t Au from 87m
(*Previously reported drilling results)
In addition to the results returned from the primary mineralised zone the drilling has also successfully in-filled the near-surface laterite resource and confirms the presence of significant zones of higher-grade mineralisation within the broader resource envelope. Results include:
KBRC708 19m @ 1.3g/t Au from 8m
KBRC707 18m @ 1.1g/t Au from 8m
KBRC706 10m @ 2.0g/t Au from 8m
KBRC705 5m @ 3.0g/t Au from 9m
KBRC704 8m @ 1.9g/t Au from 8m
16th January 2017: Capricorn Metals Ltd (ASX: CMM) is pleased to report the latest results from the resource in-fill drilling program at its 100%-owned Karlawinda Gold Project near Newman in WA (Figure 1). The results continue to confirm the scale, quality and continuous nature of the mineralisation at the Bibra Deposit.
The latest drilling results confirm the continuity and consistency of the Main Hanging Wall gold mineralisation in the southern area of the Bibra Deposit. In addition it confirms the presence of a distinct high-grade domain and very significantly, demonstrates impressive thickness and grade within the near-surface laterite-oxide domain.
The drilling results continue to confirm that the Bibra Deposit is a highly continuous, large-scale open pit mining opportunity which will underpin the Definitive Feasibility Study ("DFS") on the Karlawinda Gold Project due for completion in the second quarter of next year.
The resource drilling program has been the cornerstone activity for the fast-tracked DFS which includes approximately 60,000m of RC and diamond drilling both to expand and upgrade the classification of the Bibra Inferred Resource, which stands at 25.5Mt @ 1.1g/t Au for 914,000oz (see Appendix 1 for details).
Figure 1: Location Map: Karlawinda Gold Project
The resource drilling program was designed to upgrade the classification from Inferred to higher confidence Measured and Indicated and to provide key geological, metallurgical and geotechnical data for the DFS. Drill spacing has been consolidated to a 25 x 25m spacing to define key areas and 25 x 50m throughout the rest of the resource.
KEY POINTS
A key component of the drilling program has been to fully evaluate the higher-grade gold domains that are prominent throughout the broader lower-grade parts of the deposit, both in the laterite/oxide and primary domains. Based on the results to date, it is clear that the high-grade domains are robust, extensive and show excellent continuity and predictability.
The cross-section 199,750mN (Figure 2), which is located within the southern part of the Bibra Deposit (Figure 4), demonstrates all of the key components of the deposit (see Appendix 2 for all drilling details). Section 200,100mN (Figure 3) which has previously been reported, is located 350m to the north and is included again for reference.
The primary mineralisation extends for 400m down-dip and has very consistent widths and grades. Importantly, in the base of the final design pit (Figure 2) a separate, parallel high-grade domain has been defined. This high-grade domain remains open down-dip and additional results along strike are yet to be returned from the assay laboratory. Results in this zone are:
KBRC720 6m @ 3.3g/t Au from 134m
KBRC719 6m @ 5.4g/t Au from 126m
KBRC718 6m @ 2.4g/t Au from 118m
KBRC174* 6m @ 5.0g/t Au from 107m
KBRC016* 6m @ 3.8g/t Au from 134m
Systematic 25m spaced infill drilling of the laterite and oxide resource continues to confirm the extent and quality of this domain. Thick, high-grade mineralisation is consistently being defined at very shallow depth (
Figure 2: Location Map: Bibra Gold Deposit
Figure 3: Bibra Cross Section 199,775mN
Page 4 of 14
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